How we Escaped a $25m Debt Trap That Could have Destroyed our Varsity- Bishop Wale Oke
$25m Debt Trap that could have Destroyed our varsity- Bishop Wale Oke
He said the man assured him that the organization would be willing to support PCU with a soft loan that will be repaid over a long time with very little interest.
According to him, ”the man facilitated a meeting with the leadership of the organization during which a soft loan of $25 million, was offered to PCU.
His words; ”They advised me that $10 million would be transferred to PCU for development, while the remaining $15 million would be invested with a financial institution in London.
“The company was to pay an interest that would take care of the whole capital and interest over a number of years.
“The offer looked so good that I immediately commenced the process of collecting the loan. But when I was about to submit the last signed document, God spoke to me and directed me not to collect the loan.
“The decision to obey God in that circumstance was tough for me, but I had to stop”.
According to him, the financial institution with which $15 million was to be invested went under only one month to the date the repayment of the loan would have begun.
He said: “What this means was that PCU, would have been forced to repay $25 million with interest. This would definitely have killed the university, even before of commencement of operations”.
While attributing the success, so far recorded by the institution to God, Oke proudly disclosed that the institution was not currently, owing any contractor, individual or organization, in spite of the massive infrastructures it has built.
He equally pointed out, that God also gave him men and women of wisdom, integrity, experience and commitment to serve as members of the Board of Trustees and the Governing Council. He enjoined God to send people of same sorts as staffs and students to the university.
A visibly elated Oke recalled that the journey took 11 years before the license was issued in December, last year. He added that PCU is faith-based and that the word of God will remain the cornerstone of the institution.
“A faith-based institution was clearly written on our hearts when we received the idea of this university. We are in this to raise scholars that are sound in academics, morals, research and who are godly. So, PCU is a mission university.